High prices with a decrease in the US Treasury, the imposition of Tornado cash sanctions – Cryptomode
The US Treasury lifted its penalties on Tornado Cash, which is the service of mixing the cryptocurrency that it included in the blacklist in 2022, after a federal court found that the agency had exceeded its legal authority.
This step comes after the November Appeals Court’s decision, which stood by the prosecutors who filed a lawsuit against the department, on the pretext that the sanctions were incorrectly applied to open source programs Bloomberg. Among the prosecutors were six individuals, two of whom worked at Coinbase, which is listed on the Nasdaq Stock Exchange, the largest encryption exchange in the United States, which funded the legal challenge.
Tornado Cash was initially approved on charges of helping North Korean infiltrators wash more than $ 455 million in a stolen encrypted currency. The Treasury Office to control foreign assets (OFAC) claimed that the tool played a major role in hiding the effects of the Lazaros group, a state -backed piracy organization.
While lifting the embargo, Treasury officials stressed that they are still focusing on stopping North Korea and other actors from misuse of digital assets to finance illegal activity.
Treasury Secretary Scott Pessant said: “Securing the digital asset industry from ill -treatment by North Korea and other illegal actors is necessary to establish the leadership of the United States and ensure that the American people can benefit from financial innovation and integration,” said Treasury Secretary Scott Bessen, after he said that encrypted currencies “provide huge opportunities for innovation and value for the American people.”
Distinguished symbol of the hurricane cash
The governance code for Tornado Cash, Torn, has witnessed a 72 % huge price jump after the announcement, according to it. Coinmarketcap Data, for trading now at $ 14.8 per code.
The volume of trading in the cryptocurrency has exploded by more than 1,300 % over the past 24 hours to achieve $ 2.12 million, up from about $ 160,000 seen the day before.
The legal challenges faced by Tornado Cash arrested its developer, Alexey Pertsev, who spent nearly two years in a Dutch prison before his release. Torn has also not been listed in the main exchanges, most likely to these legal challenges.
